Assignment 14 (Chapter 18 & 19)

Question 1

Real Property Taxes

Answer 1

Taxes levied on real estate by the government, based on the assessed value of the property.

Question 2

Assessment Act

Answer 2

Legislation that defines who is responsible for paying property taxes, including life tenants, fee simple owners, and agreement for sale holders.

Question 3

Local Government Regulations

Answer 3

Local governments have significant regulatory control over privately-owned land, more so than provincial or federal governments.

Question 4

Zoning Bylaws

Answer 4

Local government regulations that dictate land use, building height, density, and other aspects of property development.

Question 5

Property Assessment Appeal Board

Answer 5

The board to which appeals from the Property Assessment Review Panel must first be made before appealing to the British Columbia Supreme Court.

Question 6

Point of Law

Answer 6

Appeals to the British Columbia Supreme Court from the Property Assessment Appeal Board can only be made on points of law, not fact.

Question 7

Assessment Notice

Answer 7

A document notifying property owners of the assessed value of their property as determined by the assessor.

Question 8

Tax Notice

Answer 8

A document requesting payment of taxes from property owners based on the assessed value of their property.

Question 9

Zoning Bylaws

Answer 9

Regulations that control land use, building height, density, advertisement signs, and parking spaces, but do not regulate changes in ownership or occupancy.

Question 10

Land Use Regulations

Answer 10

Rules that govern the permissible uses of land within a jurisdiction, typically enforced through zoning bylaws.

Question 11

Real Property

Answer 11

Land and anything permanently attached to it, such as buildings and structures. Real property is immovable.

Question 12

Personal Property

Answer 12

Any movable property that is not permanently attached to land or buildings, such as vehicles, furniture, and equipment.

Question 13

Easement

Answer 13

A non-possessory right to use or enter someone else’s land for a specific purpose, such as utilities or access. Easements can affect property value and use.

Question 14

Encroachment

Answer 14

An intrusion onto another person’s property, such as a fence or building that extends beyond the property line. Encroachments can lead to legal disputes and affect property rights.

Question 15

Land Use Contract

Answer 15

An agreement between a landowner and the government regarding the use and development of land.

Question 16

Development Permit

Answer 16

A permit required for certain types of development to ensure compliance with zoning and other regulations.

Question 17

Equitable Mortgage

Answer 17

A mortgage that is secured by the borrower’s equity of redemption, often created through an agreement or by deposit of title deeds.

Question 18

Legal Mortgage

Answer 18

A mortgage that is registered and recognized as a formal charge on the property.

Question 19

Periodic Tenancy

Answer 19

A lease agreement that continues for successive periods (e.g., month-to-month) until terminated by either party with proper notice.

Question 20

Notice of Termination

Answer 20

The formal notification given by a landlord or tenant to end a periodic tenancy, requiring a specified notice period.

Question 21

Commercial Lease

Answer 21

A lease agreement for commercial property, which can include various enforceable clauses such as damage deposits, assignment prohibitions, and distress remedies.

Question 22

Assignment of Lease

Answer 22

The transfer of lease obligations from the original tenant to a new tenant, subject to the landlord’s approval.

Question 23

Self-Supply Rule

Answer 23

A GST rule that applies when a builder rents out a newly built home to a long-term tenant, triggering the GST obligation.

Question 24

Input Tax Credit

Answer 24

A credit available to GST-registered businesses for the GST paid on business expenses, including construction costs.

Question 25

Property Tax Exemption

Answer 25

A waiver from paying property taxes, typically granted to certain types of properties such as public schools, places of worship, and municipal buildings.

Question 26

Crown Land

Answer 26

Land owned by the government, which is generally exempt from property taxes unless used by a private entity.

Question 27

Subdivision Bylaws

Answer 27

Regulations governing the division of land into smaller parcels, including requirements for infrastructure such as roads and street lighting.

Question 28

Building Scheme

Answer 28

A set of restrictions imposed by a developer to maintain aesthetic uniformity in a new housing development.

Question 29

Strata Bylaws

Answer 29

Regulations enacted by a strata corporation to govern the control, management, maintenance, use, and enjoyment of strata lots and common property.

Question 30

Strata Corporation

Answer 30

The legal entity created when a strata plan is deposited in the land title office, responsible for managing and maintaining the common property and assets of the strata development.

Question 31

Net Taxable Value

Answer 31

The value of a property after all exemptions have been subtracted from the assessed value, used to calculate property taxes.

Question 32

Mill Rate

Answer 32

The amount of tax payable per dollar of the assessed value of a property, used to calculate property taxes.

Question 33

Legal Non-Conforming Use

Answer 33

A use of land that was lawful prior to the implementation of a new zoning bylaw but does not conform to the new bylaw. This use may continue but cannot be expanded or changed.

Question 34

Rezoning

Answer 34

The process of changing the zoning classification of a property to allow for different uses. Rezoning applications must be approved by the local government.

Question 35

Building Bylaws

Answer 35

Local regulations that set standards for the construction, alteration, and maintenance of buildings to ensure safety and health.

Question 36

Subdivision Bylaws

Answer 36

Regulations that control the division of land into smaller lots, including requirements for infrastructure and services.

Question 37

Licence

Answer 37

A contractual agreement granting permission to use property without conferring an interest in the land. A licence does not provide exclusive possession.

Question 38

Lease

Answer 38

A contractual agreement granting exclusive possession of property for a specified period in exchange for rent. A lease creates an interest in the land.

Question 39

Valuation of Real Property

Answer 39

The process of determining the value of real property for taxation purposes, typically done annually.

Question 40

Tax Deferral Program

Answer 40

A program that allows eligible homeowners to defer payment of property taxes, often until the property is sold or transferred.